ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - Indonesia Retail, Digital Surge, and Grab's Results

Mitra Adiperkasa (MAPI IJ) - One Step Beyond

The Week That Was in ASEAN@Smartkarma - Indonesia's Ripe, Digital Banking, and Berli Jucker

Mitra Adiperkasa (MAPI IJ) - Shape-Shifting to Back in Black

Mitra Adiperkasa (MAPI IJ) - Mercury Rising

Mitra Adiperkasa (MAPI IJ) - Unified in Retail

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> announced a strong set of numbers for 2Q2021, which reflect the positive impact of the company's unified retail strategy over the past year. </p>
<p>The company's 2Q2021 revenue was the highest quarterly revenue and profit over the last 2-years, boosted by the company's digital retail strategy and strong demand for the company's extensive brand portfolio. </p>
<p>The company booked +130% YoY net sales growth in 2Q2021 (from a low base) but with the company's EBITDA margin rising significantly versus 1Q2021.</p>
<p>The company's e-commerce sales jumped +27% QoQ in 2Q2021 and +38% YoY in 1H2021 but it also saw more traffic in malls as restrictions were lifted during 2Q2021 also boosted by Lebaran.</p>
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<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> will continue to commit resources to MAPClub in developing its Artificial Intelligence (AI), Machine Learning (ML), digital analytics capabilities, and further consolidation of consumer data via multiple social and -e-commerce platforms.</p>
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<p>The company will face a significant negative impact from the Emergency PPKM measures which have closed malls in many cities, with some offset from its digital strategy but all the same 3Q2021 will see a negative performance. The company is in a much better position to weather this current lockdown given the ongoing success of its unified retail strategy. Looking beyond this difficult period, we expect to see a strong recovery in 4Q2021 and continue to recommend buying <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> at these levels for the recovery.</p>

Mitra Adiperkasa (MAPI IJ) announced a strong set of numbers for 2Q2021, which reflect the positive impact of the company's unified retail strategy over the past year. 
The company's 2Q2021 revenue was the highest quarterly revenue and profit over the last 2-years, boosted by the company's digital retail strategy and strong demand for the company's extensive brand portfolio. 
The company booked +130% YoY net sales growth in 2Q2021 (from a low base) but with the company's EBITDA margin rising significantly versus 1Q2021.
The company's e-commerce sales jumped +27% QoQ in 2Q2021 and +38% YoY in 1H2021 but it also saw more traffic in malls as restrictions were lifted during 2Q2021 also boosted by Lebaran.



Mitra Adiperkasa (MAPI IJ) will continue to commit resources to MAPClub in developing its Artificial Intelligence (AI), Machine Learning (ML), digital analytics capabilities, and further consolidation of consumer data via multiple social and -e-commerce platforms.



The company will face a significant negative impact from the Emergency PPKM measures which have closed malls in many cities, with some offset from its digital strategy but all the same 3Q2021 will see a negative performance. The company is in a much better position to weather this current lockdown given the ongoing success of its unified retail strategy. Looking beyond this difficult period, we expect to see a strong recovery in 4Q2021 and continue to recommend buying Mitra Adiperkasa (MAPI IJ) at these levels for the recovery.

Mitra Adiperkasa (MAPI IJ) - Caught in a Squall but Blue Skies Ahead